And it is true for son Albert only being 23 yrs.old he is the youngest billionaire in the world so much money and so young I wonder what does someone that young do with a heavy load of cash.

The family wealth is not in cash, it is in assets such as property, forests, businesses, investments etc.
I would imagine that Princess Gloria and her financial advisers still retain a strong hand in the operation of the family patrimony.

Okay their wealth is not in cash but let's look at the facts were talking about a 23 yr.old man Albert of Thurns and Taxis he has more money than some people make in their whole lifetimes.

Quote:

Originally Posted by Warren

The family wealth is not in cash, it is in assets such as property, forests, businesses, investments etc.
I would imagine that Princess Gloria and her financial advisers still retain a strong hand in the operation of the family patrimony.

Okay their wealth is not in cash but let's look at the facts were talking about a 23 yr.old man Albert of Thurns and Taxis he has more money than some people make in their whole lifetimes.

And, one assumes more debt than most aquire in their lives. Remember his mother wasn't selling off centuries old family artifacts to get more money she was selling them to pay the massive tax debt owed on the inherited property and there wasn't enough cash sitting around to cover it.

The Palace in Regensburg still operates in the red each year. Princess Gloria said in an interview from her home in Kenya that she still hasn't managed to have the operatations even cover running costs yet. Though, it is her goal.

I think it's fair to say he has a massive collection of assests that aren't liquid, but that are incredibly valuable.

That still does not change being Albert is the youngest billionaire in the world. He was one of the persons on the list of the richest people in the world Forbes' magazine does that list every year And what I said is true rather you like it or not period.

I am well aware that The Prince of Thurn and Taxis is the youngest billionaire in the world and has been since 1990. While you are right in that most people cannot imagine the wealth he has I am also correct in that I doubt most people could imagine owing the same portion of their own assests as Albert did owe and continues to owe in inheritance taxes and annual taxes. I doubt Albert has even half a billion in liquid assests. While that is more than any ordinary person could ever dream of having Albert isn't ordinary and has 7 rather grand estates to keep up and more than a few family members. He may have more money than you or I have but he has more financle demands than the average person. Each year his assests dewindle due to taxes, massive upkeep demands, and debts.

I do not really understand why these rich people never pays their taxes as they must do it. Poor people is always worried for they wants to pay them and sometimes they cannot (for they have not the money), and most of the rich wouldn't pay their taxes when they have money enough to pay their little caprices. This is not fair. Communism and other evil doctrines will not gain so much sympathy from some people if nobility and rich people will accomplish their duties as they must to.

I dunno about rich people in general, but Albert has/is paying his tax debt. When his father died he would have been given a certain amount of time to pay the debt after the estate was acessed.

Gloria quickly started auctioning off artifacts to pay off the debt because there wasn't enough cash to pay off the massive debt. The sad thing is that if you inherit an 3 million dollar tiara you have to pay taxes on it as if it were 3 million dollars in income.

Gloria also made several deals where the state was given possession of certain items (paintings,ect..) in exchange for certain relief from that portion of tax debt. Had his father not have died so suddenly he would have take care to prepare his estate and probably from a trust that would have reduced the debt.

The tax debt was massive and I mean massive like more than 88 million, I believe.

Many of the world's great historical fortunes have been taxed away in successive generations. And, each year any interest earned on savings, investments, or income is also taxed.

The sad thing is that if you inherit an 3 million dollar tiara you have to pay taxes on it as if it were 3 million dollars in income.

It's not so easy when it comes to german inheritance tax. There is different percentages of taxes on different things, eg. an estate is differently taxed from jewelery etc. I just read an article that our constitutional court decided that this system is not valid... Now they have to look out for a new one.

__________________'To dare is to lose one step for but a moment, not to dare is to lose oneself forever' - Crown Prince Frederick of Denmark in a letter to Miss Mary Donaldson as stated by them on their official engagement interview.

i heard a rumour that the Thurn und taxis family is related to the Orleans family is that true? LIke maybe cousins or something?

It's not a rumour, it's a fact. The current prince, as were his father and the previous generation before him, are all descended from princess Clementine of Orléans, who was Louis-Philippe's yougest daughter. She married prince Augustus of Saxe-Coburg and Gotha (Kohary branch), and their grand-daughter, archduchess Margarethe of Austria (1870-1955), king Louis-Philippe's great-grand-daughter, married Albrecht, 8th Fürst von Thurn-und-Taxis (empress Elisabeth's nephew). The current prince is their great-grandson.

It's not so easy when it comes to german inheritance tax. There is different percentages of taxes on different things, eg. an estate is differently taxed from jewelery etc. I just read an article that our constitutional court decided that this system is not valid... Now they have to look out for a new one.

Yes, but estates (that's buildings and the land they are on it, farming land, woods etc.) so far have only been taxed at 10% of their estimated value while jewelery or cash or business shares eg are taxed on other percentages - depends on what it actually is. But now our highest court said that it's unfair that way and the government will have to introduce a new law till the end of 2008.

In fact that could be the end of the large estates still owned by some noble families (as well as several farms) as the 10% was introduced to protect the heirs of land they used as their business basis - if land in future is taxed like cash, then the owners won't be able to earn their living plus the taxes within one generation. That's a difficult situation for all concerned, but especially for the noble families who are still in possession of large estates or castles/palaces as they can't make the necessary interest rates from possessions like that.

And we don't have an institution like The National Trust who takes over such properties.... There's going to be some serious problem in the future.

__________________'To dare is to lose one step for but a moment, not to dare is to lose oneself forever' - Crown Prince Frederick of Denmark in a letter to Miss Mary Donaldson as stated by them on their official engagement interview.

Forber's maganize has relelased their list of the 2007 world's billionaires'. Prince Albert of Thurns Und Taxis is ranked on the list at 488 and is worth 2 billion.He had been on the list at the age of 8 but not officially inherit his money until he turned 18 in June of 2001. He still the world's youngest billionaire.

1. Gloria of Thurn and Taxis during the opening of the exhibition "With Gloss
and Gloria! Coaches of the Counts of Thurn and Taxis", in the "Wagenburg"
corral at castle Schoenbrunn in Vienna, Austria, 18 Sep 2007